Wheat futures trade higher
June 16, 2017
The USDA Crop Progress Data report passed without too much fan-fair earlier in the week. A drop in US spring crop ratings saw a firmer market across all wheat futures.
Weather conditions on the Northern Plains of the US shot Minneapolis wheat futures sharply higher, with dryness, hot winds and drought conditions all concerns moving further into harvest. Minneapolis wheat traded at a 2-year high while Chicago and Kansas City futures followed, albeit it less dramatically.
Locally, it’s the same story we’ve been hearing for a little while now. With the last of the old-crop vessels being filled, new crop sales are slow despite a small rise in values, with the lack of rain still looming in the back of minds across much of the state.